Smith County Man Guilty of Bank Fraud

TYLER — A Tyler man has pled guilty in federal court to bank fraud. Timothy Calvin Olk, 65, entered his guilty plea yesterday before U.S. Magistrate Judge John D. Love. Olk faces up to 30 years in federal prison at sentencing. A sentencing date has not been set.

Federal prosecutors said from October 8, 2011 to November 8, 2011, Olk convinced others to give him their IRA funds which he would invest with his company’s account with Austin Bank, giving them a higher return on their investments. On two separate occasions, Olk deposited checks in the amount of $122,435.32 into his account. However, Olk used some of the money to pay his own personal expenses, including $105,000 to a creditor.